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CIO Flash Notes · Michel Schiffelholz
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4 August 2026
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Article28 July 2025887 views
Trump and von der Leyen reportedly reached an asymmetrical trade agreement —like Japan’s—over the weekend. The trade negotiations leave a bitter aftertaste, as the US will impose a 15% trade tariff on most of the EU’s exports, including…
Article21 July 2025938 views
A supportive preliminary earnings picture. The earnings season is about to get into full swing, and preliminary insights are reassuring. With about 10% of the companies in the S&P 500 and STOXX Europe 600 having reported, the (very)…
Article15 July 20251075 views
It’s been nearly a year since President Macron dissolved parliament, plunging France into political uncertainty with no clear majority emerging. What’s the situation now – and which investment opportunities in France? We’re regularly asked…
Article10 July 2025918 views
In recent months, Argentina has taken another step forward in its economic reforms. Progress is becoming more evident, and the peso has been freed from a strict foreign exchange control regime. Capital controls have been largely eased, and…
Article9 July 20251481 views
Renalco SA is pleased to announce a new editorial partnership with Silex Investment Partners SA, a leading Swiss company in services to asset managers and a provider of financial solutions. This collaboration marks a shared commitment to…
Quarterly8 July 20251150 views
In the second quarter of 2025, the global economy was dominated by persistent trade tensions, monetary policy adjustments and a still fragile economic recovery. The Trump administration reignited the trade war with China imposing tariffs…
Article7 July 2025709 views
The deadline for President Trump's tariffs is fast approaching, with the 90-day pause set to expire on July 9. It will be a test for the TACO trade (Trump Always Chickens Out), which supported risk assets in the last quarter. As we go to…
Article30 June 2025895 views
A single word is enough to stop the wind. Market sentiment is prone to flip-flops, much like the US administration. The pace at which the news flow has changed is impressive. Just a week ago, we were deeply concerned about an escalation in…
Article23 June 2025785 views
Over the weekend, US military strikes on Iran’s nuclear facilities further escalated tensions in the Middle East, heightening the risk of retaliation. In response, Iran's parliament voted to support closing the Strait of Hormuz, though the…
Article17 June 2025891 views
2025 marks a decisive turning point for the adoption of sustainable aviation fuels (SAF). Long hampered by costs about three times higher than those of conventional kerosene, their use has until now been based on voluntary commitments.…
Article16 June 2025852 views
Oil prices have returned to centre stage in markets following Israel’s strikes on Iran last week, adding a fresh layer of uncertainty to stagflationary risks. A prolonged rally in oil prices could indeed translate into renewed concerns…
Article10 June 2025801 views
The restrictive monetary stance has come to an end in the euro area. As expected, the ECB cut rates by 25bps last week for the fourth time this year, bringing the deposit rate to 2%. The ECB has been one of the most aggressive central…
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